Pengana buys stake in credit fund manager
Pengana Capital Group (PCG) has acquired a strategic minority stake in global boutique credit fund manager, Global Credit Investments (GCI), which was founded in 2015 by investor and Portland Group founder, Gavin Solsky, and ex-Goldman Sachs principal investments managing director, Steven Sher.
GCI offered structurally protected and high-yielding short-term credit investments for high net worth investors, with its products aimed at taking advantage of the disruption created by fintech firms and increasing banking regulation, it said.
The firm has more than $100 million invested across a range of different credit assets.
Pengana’s chief executive, Russel Pillemer, stressed that the current interest rate environment meant advisers and investors needed to actively seek yield.
“The CGI proposition provides a great risk/return profile for yield-seeking investors and we’re delighted to partner with such a high-calibre team,” he added.
Pengana said it had over 15 years of experience in partnering with investment managers from around the globe under agreements which allowed its partners to leverage Pengana’s platform and experience.
Also, the acquisition would have no material impact on Pengana financially or operationally or on existing investments held by investors in Pengana funds.
According to GCI co-founder Steven Sher, having Pengana’s financial backing and distribution capabilities would allow GCI to provide larger funding lines to both existing and new “originators of credit”.
AUTHOR
Oksana Patron
Recommended for you
The Australian Bureau of Statistics has reported the October figure for CPI inflation, driven by significant falls in electricity as the result of government rebates.
UBS Wealth Management has shared how much of a client portfolio it believes advisers could be allocating to private markets as well as detailed the importance of switching out of cash in 2025.
Boosted by its newly launched private credit division, asset manager HMC Capital has set an ambitious growth target of 42 per cent per annum over the next three years to reach $50 billion in assets under management.
Geared funds are proving to be a popular strategy for wealth accumulation, however its complex nature means financial advisers have an important role to play in harnessing the benefits while mitigating potential downsides.
